Trevo and Allianz General have launched a new motor insurance designed specifically for the former’s peer-to-peer car-sharing service. Called Trevo Shield, it aims to protect private car owners that rent their cars out for extra income, following feedback from those owners (Trevo Hosts) asking for more substantial coverage.
As such, Trevo Shield builds on Allianz’s car-sharing insurance, adding up to RM3 million in third-party coverage should drivers (Trevo Guests) cause injury or damage using a Host’s car. Three plans are offered to Hosts – Shield 60, Shield 65 and Shield 70.
Options include a No Claims Discount (NCD) relief; body, paint and bumper coverage; fire and theft protection; and towing and roadside assistance, among others. Trevo Shield also protects Guests who opt for a Super Collision Damage Waiver (SCDW) by limiting their liability for damage repairs to 10% in the event of an accident.
“Since Trevo launched in 2020, we have seen significant growth in the total number of our members and listings, which now exceeds 5,000 cars and 130 models,” said Trevo Malaysia general manager Susan Teoh. “Now, supplemented with the offering of Trevo Shield, we will continue to make improvements in safety and confidence one of our top priorities.”
Trevo has previously collaborated with Allianz on the Trevo Guard service, allowing members to sig up or renew their car insurance policy directly through the Trevo app. The two companies worked for over a year on Trevo Shield to develop and refine the plan.
Allianz Malaysia CEO Sean Wang added: “We are thrilled to embark on the next chapter of our partnership with Trevo Malaysia and to deliver an innovative product like Trevo Shield, which provides Trevo Hosts and Guests with meaningful protection that aligns with their needs and offers tangible value for an overall smoother car sharing experience.”
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Can someone tell me if all this car sharing meets with local regulations and laws? As far as I can tell, my HP agreement says the car is for personal use only. Same with my insurance.
I have asked this to one of the companies, and their answer was LOL: we have MOT approval, and it was launched by the MOT.
I really wonder if a shared car is:
a. used in a robbery or any crime
b. involved in a fatal accident
c. stolen
d. declared a total loss
if my insurers will decline to pay. WORSE, the authorities can charge me for wrongful use of a vehicle.
The financial rewards are lovely, but can anyone give me an answer? I could do with RM1,800 a month in my account.
It is iffy, if you ask me. In a way, they offer the additional insurance to cover the insurance gap, but if your own financier and insurer takes it to court, you will be found guilty of breaching terms of the contracts you signed with them. You may not lose financially (the Trevo Shield is supposed to cover that), but banks and insurers may decline to extend you anymore loans, or charge you higher interest, while insurers may load you as a risk. Over and above that, a legal case hangs on your neck, and whatever the punishments are, I doubt Trevo (or any other platform provider) will back you up.
MOT is not the law when it comes to court case.
What you have signed with the bank/insurance is the agreement that of you with them. If you breach your duty, bank/insurer has the very right to sue/not to compensate you in the event of “touch wood”.
At least now an insurer come in to the rescue, but your agreement between you and the bank for hire purchase is still valid. But i guess, banker will not give a damn if the insurance company cover you.
Parking salah tu. Kalau saman atau tarik siapa bayar?
Hello Raja Kamarul,
Thanks for raising your concern. We totally understand that assurance and protection are very important to car owners listing their cars on TREVO.
In regards to your inquiry, allow us to clarify that TREVO is a peer-to-peer car-sharing platform that is recognized by the Ministry of Transport under its proof of concept initiative. As a TREVO Host, your vehicle will be protected against any damage or loss during the trip when you sign up for our very own TREVO Shield which is an insurance plan specifically designed for TREVO Hosts in partnership with Allianz General Insurance.
Further details about Host protection can be found in our terms of services, https://trevo.my/terms-of-service, or you may reach out to us via email: [email protected] or schedule a call with us here: calendly.com/supply-trevo/hosting-enquiries?month=2022-04.